Wow, excellent thread; I hadn’t read yet as been super busy trying to catch up with all these reports!!
I echo many of your thoughts. One key difference that we must underscore is how much revenue for these companies is based on NEW customers. Of course new customers are ALWAYS important… but
Snowflake’s revenue in a particular year (90% or so) is from pre-existing customers. Some may be starting to ramp but they signed on way back.
CRWD didn’t provide these numbers but certainly is much more reliant upon new customers in a particular year for revenue growth than Snowflake is.
Another difference, the difference between what a large and small customer pay on SNOW is likely a much larger gap than on CRWD.
FWIW,
ZScaler indicated their split in Q1 is 50:50 and expect 40:60 (40 new customers, 60 UPSELL)